After 118 days, the long-awaited end to the 2023 actors strike may be in sight as SAG-AFTRA has reached a tentative agreement on a new three-year contract with studios on Wednesday.
In a unanimous vote, the SAG-AFTRA TV/Theatrical Committee approved the provisional agreement after two weeks of renewed negotiations. The strike is set to end at 12:01 a.m. on Thursday, if it is ratified by the union’s national board on Friday.
Details of the agreement are still emerging, but the union has announced that the contract is valued at over $1 billion and includes pay increases, a “streaming participation bonus,” and regulations on artificial intelligence. It also includes higher caps on health and pension funds, compensation for background performers, and provisions to protect diverse communities.
The tentative deal comes after a tense period of negotiations that restarted on Oct. 2 with the presence of high-profile executives such as Ted Sarandos, David Zaslav, Bob Iger and Donna Langley. However, talks were stalled when the studios walked out on Oct. 11 over SAG-AFTRA’s request for a fee per streaming subscriber.
BREAKING OVERNIGHT: Actors union SAG-AFTRA reaches tentative deal to end monthslong strike. @whitjohnson has more details. https://t.co/CcOCStIAfY pic.twitter.com/uHU6FLxVkY
— Good Morning America (@GMA) November 9, 2023
The two sides reconvened on Oct. 24, with the studios offering an increase in actors’ wage floors and a modified version of the success-based streaming bonus they had previously offered to the Writers Guild of America. However, negotiations were slow and tense, especially regarding the union’s demands for regulations on the use of artificial intelligence.
On Saturday, the studios presented their final offer, which was presented to the union as their “last, best and final” offer. However, the two sides continued to exchange proposals until an agreement was reached on Wednesday.
The strike has caused major disruptions in the entertainment industry, with many productions shutting down in support of the union. It has also had a significant impact on the California economy, with an estimated loss of $6 billion.
As the strike neared and surpassed its 100-day mark, pressure began to build with A-list actors getting involved in attempts to improve negotiations. There were also concerns expressed by some actors about the union’s leadership, but a letter that was drafted by these actors was not published as they feared it might impact negotiations.
The end of the strike is being welcomed by both the union and the studios, who are pleased with the terms of the agreement. However, the agreement still needs to be ratified by the union’s members in an upcoming vote, the date of which is yet to be announced.
In the meantime, industry stakeholders are hopeful that this agreement will signal the end of the strikes that have plagued Hollywood since July and allow productions to resume as normal. With negotiations ongoing, all eyes are now on the upcoming ratification vote, which will decide the fate of this new contract.
